911 emergency centers handle over 2.7 million calls in July    Civil Affairs proposes amendment to death reporting rules for resident expatriates    Commemorative stamp issued honoring Prince Khalid Al-Faisal    Saudi central bank submits new banking draft law to legislative authorities    Saudi report shows 97.7% of businesses have internet access, 57.7% use social media    Mohamed Yousuf Naghi Motors and alfanar partner to deliver seamless home EV charging solutions across Saudi Arabia Powering the future of mobility    Ministry launches Non-Profit Precious Metals and Gemstones Association to boost industry    Netanyahu asks Red Cross to help hostages in Gaza, as families warn against an 'expanding war'    Poland extends border controls with Germany, Lithuania until October 4 over migration concerns    New Zealand woman arrested after two-year-old found in luggage    Al Qadsiah sign Saudi starlet Musab Al Juwayr from Al Hilal    Salm Al-Dawsari returns to Al Hilal training after injury layoff    Pakistan monsoon death toll rises to 299, including 140 children    Saudi, Iraqi justice ministers sign cooperation agreement in Riyadh    Saudi defender Saud Abdulhamid joins RC Lens on loan from AS Roma    Riyadh Comedy Festival tickets now on sale for world's biggest stand-up event    Sotheby's returns Buddha jewels to India after uproar    Riyadh Film Music Festival returns with live orchestral performances of iconic movie scores    Nissan Formula E Team celebrates a landmark season 11 with proud Saudi sponsor Electromin    Saudi Arabia approves first Alzheimer's treatment with lecanemab for early-stage patients    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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High oil prices change consumers' attitude
Agencies
Published in The Saudi Gazette on 20 - 04 - 2008

As gasoline and crude prices continue to climb, Americans adjust driving and travel plans, research fill-ups
With oil and gasoline prices at all-time highs, the most luxurious indulgence of the seductively-curved Lamborghini Gallardo Spyder might be that it gets 12 miles per gallon.
Parked outside the Bentley Gold Coast dealership in downtown Chicago on Friday, the $264,570 roadster inspired the fantasy that some can afford to forget the $3.64 a gallon average charged by gas stations citywide.“When you buy this, you probably don't think about the gas, insurance or anything,” said Grigor Harutunyan, a medical student passing by the Lamborghini with a friend.
“It takes a back seat?” the friend joked.
“It takes a back seat,” Harutunyan said.
But gasoline remains at the forefront of an American economy now painfully adapting to the realities of escalating oil prices. With the problem compounded by a declining stock market and rising unemployment, many consumers have started trimming household budgets that are not nearly as recession-proof as 512-horsepower sports cars.
Light, sweet crude futures closed at a record $117 a barrel Friday, while AAA reported gas nationwide averaged a record $3.44 a gallon and diesel $4.16 a gallon. It was the fifth consecutive day that oil futures hit a new peak on the New York Mercantile Exchange, with the latest daily price surge caused by rebels in Nigeria damaging a pipeline owned by Royal Dutch Shell.
US Department of Energy projected that gas prices could cross $4 a gallon this summer, a consequence of the traditional family vacation, instability in some oil-producing nations and increased demand from emerging economies such as India and China. __


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